DDM Analysis: MGEE

Valuation Snapshot

Stable Growth	$75.89 - $178.48	$111.66
Multi-Stage	$81.57 - $89.33	$85.38
Blended Fair Value	$98.52
Current Price	$88.44
Upside	11.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.86%	5.17%	1.74	1.65	1.58	1.50	1.42	1.31	1.25	1.20	1.14	1.10
YoY Growth	-	-	5.30%	5.03%	4.95%	5.91%	8.12%	4.55%	4.76%	4.56%	4.33%	4.20%
Dividend Yield	-	-	1.87%	2.10%	2.03%	1.88%	1.98%	2.00%	1.86%	2.13%	1.76%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	134.61
(-) Cash Dividends Paid (M)	66.62
(=) Cash Retained (M)	67.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.92	16.83	10.10
Cash Retained (M)	67.99	67.99	67.99
(-) Cash Required (M)	-26.92	-16.83	-10.10
(=) Excess Retained (M)	41.07	51.17	57.90
(/) Shares Outstanding (M)	36.51	36.51	36.51
(=) Excess Retained per Share	1.12	1.40	1.59
LTM Dividend per Share	1.82	1.82	1.82
(+) Excess Retained per Share	1.12	1.40	1.59
(=) Adjusted Dividend	2.95	3.23	3.41
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	3.17%	4.17%	5.17%
Fair Value	$75.89	$111.66	$178.48
Upside / Downside	-14.19%	26.26%	101.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	134.61	140.22	146.06	152.14	158.48	165.09	170.04
Payout Ratio	49.49%	57.59%	65.69%	73.80%	81.90%	90.00%	92.50%
Projected Dividends (M)	66.62	80.75	95.95	112.28	129.79	148.58	157.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	3.17%	4.17%	5.17%
Year 1 PV (M)	74.62	75.35	76.07
Year 2 PV (M)	81.94	83.53	85.14
Year 3 PV (M)	88.60	91.20	93.85
Year 4 PV (M)	94.65	98.37	102.20
Year 5 PV (M)	100.12	105.07	110.21
PV of Terminal Value (M)	2,537.96	2,663.37	2,793.69
Equity Value (M)	2,977.89	3,116.89	3,261.17
Shares Outstanding (M)	36.51	36.51	36.51
Fair Value	$81.57	$85.38	$89.33
Upside / Downside	-7.77%	-3.46%	1.00%

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MGE Energy, Inc. (MGEE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener